Korean Air finalises Asiana post-merger integration plan
Korean Air says it has completed the post-merger integration (PMI) plan to integrate Asiana Airlines after receiving confirmation from the Korea Development Bank.
Korean Air signed a deal last year to acquire Asiana’s new shares and perpetual convertible bonds.
Korean Air has conducted due diligence and created the post-merger integration plan, which was submitted to the Korea Development Bank on 17 March.
The state-owned bank reviewed the PMI plan and in consultation with Korean Air, the Ministry of Land, Infrastructure and Transport, and other relevant agencies made certain revisions.
The finalised PMI plan includes the integration of the airlines’ full service carriers and low cost carriers; employment retention and workers’ collective agreements; as well as plans to reorganise relevant subsidiaries.
Korean Air will now move forward to integrate with Asiana after receiving approvals from relevant authorities.
To meet various legal, financial, and tax risks, the implementation will reflect various market regulations and conditions.
The integration progress will be regularly inspected by a management evaluation committee, which has been established in agreement with the Korea Development Bank.
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